Shenzhen speeds up issue of deeds

SHENZHEN will introduce new measures to speed up the issue of real estate certificates to property investors this year.

The certificates set down the property and land lease rights for each owner and are necessary if the owner wants to resell.

The measures, which include setting up a computerised system, should cut the waiting time by half.

A report in the Real Estate Guide criticised the existing process for being too slow.

The report blamed developers for holding up approval by evading taxes or by failing to have the necessary documentation.

To resolve the problem, Shenzhen Planning and Land Bureau has invested 20 million yuan (about HK$18.6 million) in the new computerised system.